BYD reported 112.6 million yuan ($15.92 million) net profit in the first three months this year, down from 749.7 million yuan a year earlier. Its revenue dropped 35% year-on-year to 19.68 billion yuan in the first quarter.

Its profit fell 42% last year as electric subsidies cut hit market demands.

Sales of the Shenzhen-based car company, which has partnerships with Japan’s top automaker Toyota (7203.T) and German Daimler’s (DAIGn.DE) partner in China, fell by 48% to 61,273 vehicles in the first quarter.

In a stock exchange filing it expected profit in the first six months this year to rise by 10% to 23.8%, as it thinks sales will gradually recover off a coronavirus low.